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Last year, Nigerian banks experienced a boost in profits due to the devaluation of the Naira, leading to an increase in the salaries of their directors and staff. The highest-paid directors, the Chief Executive Officers (CEOs), saw their remunerations rise and fall in line with their companies’ performance.
Here are the Highest-Paid Bank CEOs:
Nnamdi Okonkwo – FBN Holdings
Nnamdi Okonkwo is the Group Managing Director of FBN Holdings PLC, the parent company of First Bank of Nigeria Limited and other subsidiaries. With over 32 years of banking experience, Okonkwo’s remuneration increased from N3.07 billion in 2022 to N3.41 billion in 2023.
Ebenezer Onyeagwu – Zenith Bank
Ebenezer Onyeagwu is the Managing Director/CEO of Zenith Bank PLC. He is a highly experienced banker and financial expert, with training from reputable institutions in Nigeria, the United Kingdom, and the United States. Onyeagwu’s remuneration rose from N285 million in 2022 to N2.17 billion in 2023.
Ladi Balogun – FCMB Group
Ladi Balogun became the Group Chief Executive Officer of FCMB Group PLC in 2017. With over 28 years of experience in commercial and investment banking, Balogun’s remuneration increased from N1.83 billion in 2022 to N2.16 billion in 2023.
Yemi Odubiyi – Sterling Financial Holdings Company
Yemi Odubiyi is the Group Chief Executive Officer of Sterling Financial Holdings Company PLC. He has played a central role in the management team of Sterling Bank PLC since its founding in 2006. Odubiyi’s remuneration increased from N458 million in 2022 to N568 million in 2023.
Segun Agbaje – Guaranty Trust Holding Company
Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company PLC. Under his leadership, the multinational financial services group saw an increase in remuneration from N445.7 million in 2022 to N456.5 million in 2023.
Demola Sogunle – Stanbic IBTC Holdings
Demola Sogunle is the Chief Executive Officer of Stanbic IBTC Holdings PLC. With previous experience as the Chief Executive of Stanbic IBTC Bank, Sogunle’s remuneration increased from N245 million in 2022 to N330 million in 2023.
Oliver Alawuba – United Bank for Africa
Oliver Alawuba is the CEO/Managing Director of United Bank for Africa PLC. With extensive experience in various leadership roles within UBA, Alawuba’s remuneration increased from N215 million in 2022 to N247 million in 2023.
Nneka Onyeali-Ikpe – Fidelity Bank
Nneka Onyeali-Ikpe assumed the position of Managing Director/CEO of Fidelity Bank in 2021. Her full-year salary remained unchanged at N110 million in 2023. These bank CEOs play pivotal roles in the success and growth of their respective institutions, and their remunerations reflect their contributions.
